Singapore legislation
Clause 17
Clause 17
Application for approval of Authority to become controller of licensed trust company
(1)
An application for the approval of the Authority as required under section 16(1) shall be made to the Authority in such form and manner as the Authority may require and the Authority may, in its discretion, grant such approval to the applicant therefor if the Authority is satisfied that —
the applicant is a fit and proper person; and
having regard to the applicant’s likely influence, the licensed trust company is likely to continue to conduct its business prudently and comply with the provisions of this Act and directions made thereunder.
(2)
Any approval under this section may be granted to any person subject to such conditions as the Authority may determine, including but not limited to any condition —
restricting the person’s disposal or further acquisition of shares or voting power in the licensed trust company; or
restricting the person’s exercise of voting power in the licensed trust company.
(3)
Any condition imposed under subsection (2) shall have effect notwithstanding any provision of the Companies Act (Cap. 50) or anything contained in the memorandum or articles of association of the licensed trust company.